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Modeling cryptocurrency investment decision: evidence from Islamic emerging market

Nitiyatharishini Veerasingam (Graduate School of Business, Universiti Sains Malaysia, Penang, Malaysia)
Ai Ping Teoh (Graduate School of Business, Universiti Sains Malaysia, Penang, Malaysia)

Journal of Islamic Marketing

ISSN: 1759-0833

Article publication date: 2 June 2022

Issue publication date: 7 June 2023




Digital currency investment has emerged as a result of global transformation toward technology-driven human lives. In Asia, Malaysia as an Islamic country is one of the early adopters with a high level of awareness on cryptocurrency. This paper aims to investigate the factors affecting the investment decision in cryptocurrency among potential investors in Malaysia.


Data was collected from 200 individuals aged 18 years and over. The hypotheses were tested using the partial least squares – structural equation modeling technique.


Results showed that attitude toward risk and perceived behavioral control have a significant positive effect on the investor’s investment decision in cryptocurrency. Interestingly, machine learning forecasting enhances the relationship between perceived benefits and the investment decision in cryptocurrency.

Practical implications

Results benefit investors and practitioners on the significant determinants of investment decision in cryptocurrency in emerging market.


Despite having high volatility and complexity in price determination, and being decentralized, cryptocurrency has managed to attract many investors due to reasons less explored. The outcome of this study extends the theory of planned behavior and confirms the role of machine learning forecasting as a moderator in the context of cryptocurrency investment.



The authors would like to acknowledge the Ministry of Higher Education Malaysia for the financial support of this paper. This research is supported under the Fundamental Research Grant Scheme with project code: FRGS/1/2020/SS01/USM/02/14.


Veerasingam, N. and Teoh, A.P. (2023), "Modeling cryptocurrency investment decision: evidence from Islamic emerging market", Journal of Islamic Marketing, Vol. 14 No. 7, pp. 1817-1835.



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